Overview

* Northrim Q3 net income rises to $27.1 mln, driven by asset sales and higher interest income

* Company announces 4-for-1 stock split to enhance stock liquidity and broaden investor access in the qtr

* Northrim Q3 net interest income increases 23% yr/yr due to higher earning asset balances

Outlook

* Company did not provide specific financial guidance for future quarters in the press release

Result Drivers

* ASSET SALE - Gain from sale of assets by Pacific Wealth Advisors contributed $14.2 mln to Q3 net income

* NET INTEREST INCOME - Higher earning asset balances and lower cost of funds drove a 23% yr/yr increase in net interest income

* PURCHASED RECEIVABLES - Acquisition of Sallyport Commercial Finance boosted purchased receivable income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $1.20

Q3 Net $27.10

Income mln

Q3 Net $35.30

Interest mln

Income

Q3 Net 4.88%

Interest

Margin

Q3 $30.30

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Northrim BanCorp Inc ( NRIM ) is $27.00, about 22.3% above its October 21 closing price of $20.99

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)